India has emerged among the countries hastening to incorporate blockchain technology in various departments. A southern Indian state, Telangana has decided to corroborate with an IT firm to build and promote the establishment of blockchain based startups in the country. The Telangana state information technology, Electronics and communication Department has signed a memorandum of understanding with a multinational services cooperation, Tech Mahindra to build India first Blockchain District. This is to be the first center in India that would be devoted to the pursuit of knowledge related to blockchain. It is supposed to be a platform that is being constructed so that multiple new startups, related to blockchain technology, be offered support and sustenance.
Tech Mahindra, being the minds behind the whole operation, is to oversee the development of blockchain based technology and assistance to all those startups. Not only this, they also plan to solve market problems that its customers are facing all over the world. The regulatory framework and policies regarding it will also be drafted for this purpose by the Telangana ITE&C to promote the growth and integration of blockchain technology within India.
Telangana IT minister, K T Rama Rao, told;
Telangana government is proud to pioneer Blockchain District in India. With support from Tech Mahindra, we envision to set a benchmark in providing Blockchain technology solutions and platforms across industries.
However, this is not the only blockchain project Tech Mahindra is working on now. The multinational corporation has been working on numerous other decentralized applications of blockchain. Recently, Tech Mahindra has joined forces with Eleven01, a multi organization conglomerate, which works for the advancement in India’s blockchain projects. This is to provide services, such as distributed ledger to the government. Rao further stated;
Telangana government is at the forefront of promoting innovation and startups. We are proud to have the India’s largest incubator, T-Hub in Hyderabad. This is another momentous occasion for our Government in the Blockchain technology area, in providing the right infrastructure for Tech Mahindra and the Eleven01 foundation to thrive globally. I am confident that the Eleven01 initiative will set the global benchmarks in this space and provide cutting edge solutions across the industries.
With the initiation of this project, India no longer has the need to corroborate with other nations for the development in the blockchain sector. They even intend to fix some of the bugs present in the existing blockchain technology. This alliance between Eleven01 and Tech Mahindra marks the commencement of a new era in which India will start to make gigantic advancements in its blockchain projects and act as an incubator for the other startups as well.
Eleven01 Foundation’s chief in India, Rama Iyer said;
The protocol will power an entire ecosystem of services for Indian blockchain startups, ranging from advisories, incubators, center for excellences (COEs) and venture funds. With this, early stage blockchain startups will get every kind of support required from a single, cohesive entity.
CP Gurnani, Tech Mahindra’s CEO and MD, hinting at what lies ahead, made the following statement,
Eleven01 is an ambitious initiative which will put India right at the center of the global Blockchain landscape. It will power the Indian blockchain ecosystem and create exponential value for all stakeholders, we are proud to play a pivotal role in this pursuit of excellence. Clearly, it is time for India to leapfrog into the leader’s orbit in next generation technologies like Blockchain.
This, however, is not the first step taken towards the incubation of blockchain, over a year ago, a report mentioned that the two states Telangana and Andhra Pradesh started to pay heed to the advantages the blockchain technologies offered in terms of protection from cybercrime. The state of Telangana started registering the land plots on a distributed ledger, which is tamper free, with the help of blockchain. E Magesh, director of C-DAC, Hyderabad said;
Simply put, it’s going to be an open platform where anyone can see who holds the land and since it’s encrypted; people wouldn’t be able to tamper with the data. It brings in more transparency and the integrity of the information is maintained.
In addition to these reforms, the Andhra Pradesh government is also a part of the Enterprise Ethereum Alliance (EEA). EEA is a platform for countries containing members from all over the world belonging to multiple professions. All these efforts have been made to ensure that the government is in full support of the blockchain based, tamper proof ledger, Ethereum. J A Chowdary, the special chief secretary and IT advisor to the state’s chief minister stated;
We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to community.
Taking into account all the above-mentioned developments that have taken place, one can assume that as rest of the world is indulging into the myriad of use cases that blockchain provides, India is racing to keep up.